Futures are up this morning following JPM “earnings” report. Here’s a shot of the overnight:
Of course with mark-to-fantasy, along with the fact they rule the planet and can do anything they want, JPM managed to “beat estimates” and earn $2 billion for the first quarter. What do you think Jamie, was that about right? Heck you probably could have ratcheted it up a notch or two, but you wouldn’t want to incite the little guys, right?
The little people are doing fine. Only 610,000 of them filed initial jobless claims this week, that’s down a whopping 53,000. But let’s not advertise the record breaking 6.02 million who are on continuing claims, and let’s totally ignore those who are no longer eligible.
But maybe the little people aren’t really doing so well, Jamie? Foreclosure filings jumped 24%, and new home construction fell another 11%.
General Growth Properties, the second largest U.S. Shopping mall owner, filed for bankruptcy protection claiming over $27 billion in debts. So, we know the economy must be good, Jamie, because JPM is making money (and taking our money).
We’re still in the rising wedge, just above the 848 pivot, no recognizable pattern beyond that, VIX is still going down, green shoots galore, a perfect Alice in Wonderland world.
Options expiration is tomorrow, this will be the first time period of the bear market without any substantial pullback from one Opex to the next. That’ll drive some bears out.
Have a great day,
Ted Nugent performs the Star Spangled Banner at "tea party" yesterday on Glenn Beck FOX News: